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Page 10, Terrace Bay-Schreiber News, Wednesday, June 27, 1984 Lake Superior Board of Education 1983 FINANCIAL STATEMENTS To the Chairman and Members of The Lake Board of Education: ara REVENUE FUND STATEMENT OF OPERATIONS We have examined the balance sheet of The Lake Superior Board of Education as at Secondary December 31, 1983 and the revenue fund statement of operations, the statement of revised ron) THE YEAR ie HOOL PUROSES net revenue fund requirement, the capital fund statement of operations, the reserve funds, (with comparative amounts for the year ended December 31 1982) statement of continuity, the statement of outlay for performing duties of a municipal council ' in territory without municipal organization, and trust funds administered by the Board for 1983 1982 the year then ended. Our examination was made in accordance with generally accepted Baeiieas Gos iniestattan 92,549 91,363 auditing standards, and accordingly included such tests and other procedures as we ee daccl atin inistration : 155,744 157,593 considered necessary in the circumstances. _ 2 Computer services zy ze in our opinion, these financial statement present fairly the financial position of the Board as inetedelian 3,166,736] 2,966,625 at December 31, 1983 and the results of its operations for the year then ended in Plant operation, maintenance and teacherages 678,747 643,132 accordance with the accounting principles described in Note 1 to the financial statements Transportation : 128,836 137,636 applied on a basis consitent with that of the preceeding year. Tuliida fees 8,540 7.233 We have also examined the schedules of assets and liabilities as at December 31, 1983 and Capital expenditure (rion-allocable) 36,830 7 the following schedules for the year thenended: Debt charges and capital loan interest 84,096 132,289 Revenue fund schedule of revenue Other operating expenditure 14,724 9,319 Revenue fund schedule of expenditure by function and Non-operating expenditure excluding economic classification : transfers to reserves a 12,436 12,423 Scedule of assessments and sharing ratios for 1983 Total E dit 4,348,236 4,167,603 . Schedule of tuition fee revenue E a crea tile LS de: 7 ---- et en eee ieane Other school boards - tuition fees and miscellaneous 2,004 2,636 Sc rehnde's A P ; 1983: Undue Burden Regulation Grant-1983 Portion 166,040 60,800 chedule of apportionment of school board requirement for 1983 Koulienantoktaidde - 161,387 129/588 soaovie = ca ~eresunab p ootee legislative grants for 1983 ication oak Chatto tins 6730 22.062 - Analysis of 1983 capital expenditure by project Saiy 5s s ; s These ichadolas are presented for purposes of additional analysis and are not a required Other Revenue, excluding transfers from reserves : 212,046 180,687 | part of the basic financial statements. In our opinion, these schedules present fairly the Total Recovery of Expenditure 537,207 365,773 | information contained therein in all respects material to the financial statements. NET EXPENDITURE 3,811,028 3,791,830 | Auditors . ; a A Fa | Licence No. 819 Financing of Net Expenditure March 12, 1984 : 1983 1982 BALANCE SHEET Government of Ontario : as AT DECEMBER 31, 1983 : bah 2 Grants 2,398,789 | 2,343,014 with comparative amounts as Previous year's over (under) requisition (469) (1,468) at December 31, 1982) Local taxation raised in the current year 1,619,045 | 1,520,006 Refund of taxes for reason of employees' ASSETS 1983 1982 withdrawal of services or lockout - - $ é Decrease (Increase) in reserves othe Furrent Assets 121,897 267,530. : than reserve for refund of taxes (206,674) (65,800) invesiniecte at cost (Note 2) 139,489 168,600 Total local taxation 1,411,902 Accounts receivable To be applied to the following year's taxation Under-requisitions - (elementary) 1,487 333 Reserve ies remind of bisena mes asd Under-requisitions - (secondary) 2,813 1,000 pet pe Pie loyees withdrawal of services C0 Saag 53 ovate expense er 4 Net under (over) requisition 337 (4,021) Other current assets (Note 3) 15,513 13,464 : TOTAL FINANCING | 3,811,028 3,781,830 1,448,911} 1,112,481 1882 Over Requisition ' Capital outlay to be recovered in future years 1,158,300} 1,267,700 Per 1982 Financial statements 4,021 Other Assets Adjusted re 1982 grants (4,490) Adjusted 1982 under requisition . (469) $2,607,211} $2,380,181 LIABILITIES Current Liabilities $ | Bank and other short-term borrowing 44,097 - Accounts payable and accrued liabilities : Over-requisitions -- (elementary) 2,728 2,261 CAPITAL FUND STATEMENT OF OPERATIONS Over-requisitons ~ (secondery;: 2,476 6,021 FOR THE YEAR ENDED DECEMBER 31, 1983 Other : 7 699,742 528,027 (with comparative amounts for the year ended December 31, 1982) Debt Charges due and unpaid - Capital Reserve for 1984 Tax Reduction -- (elementary) - Fixed Assets and Work in Progress 1983 1982 Oth hebiliii --(secondary) = Buildings, Furniture and Equipment 0141 206,433 46,493 anet cqergnkemhifies School Sites and Improvements to Sites 0142 - 649,043 536,308 Pupil Transportation Vehicles: 0143 ~ Net long-term liabilities (Note 4) 1,158,300} 1,267,700 Other : 0144 Reserve for working funds (Note 6) 269,756 Less Federal Sales Tax Refund 0145 | ( je ) Equity in reserve funds (Note 7) 320, 304,866 Total Capital Expenditure 0146 | $206,433 $46,493 Unexpended capital funds 2,560 2,550 Capital aerate | $2,607,211} $2,380,181 Unexpended Funds at Beginning of Year, or (Balance at Beginning of Year not Permanently Financed) z Pete 0147 $ & ; Secondary 0148 2,550 2,550 REVENUE FUND STATEMENT OF OPERATIONS Long-Term Liabilities Issued and Sold 0149 SCHOOL PURPOSES Contributions from Government of Canada 0150 FOR THE YEAR ENDED DECEMBER 31, 1983 Capital Expenditure from the Revenue Fund 0151 205,433 46,493 (with comparative amounts for the year ended December 31, 1982) Transfer to the Revenue Fund 0152 ( | ee ) Balance at end of Year not Permanently Financed or : 1983 1982 (Unexpended Funds at End of Year) Elementary 0153 -- en opi eases Secondary 0154 (2,550) (2,550) General administration : . . Computer services nad os Total Capital Financing 0155 $205,433 $46,493 Instruction 2,448,330 | 2,165,714 Plant operation, maintenance and teacherages 471,090 474,006 Transportation : 163,515 127,569 Tuition fees : - 94 pS ao Soewtapeen perme Haaraie pope 2,802 STATEMENT OF OUTLAY FOR PERFORMING DUTIES OF A icspicl canes Pos s yperni et Se MUNICIPAL COUNCIL IN TERRITORY WITHOUT MUNICIPAL Other operating expenditure 8,196 6,291 Non-operating expenditure excluding ORGANIZATION 'transfers to reserves 14,235 13,614 FOR THE YEAR ENDED DECEMBER 31, 1983 " Total Expenditure | 3,498,965 | 3,098,831 (RECOVERABLE THROUGH LEVY ON ASSESSMENT IN THE APPLICABLE AREAS) Recovery of Expenditure é = | : Other school boards - tuition fees and miscellaneous 7,578 - Name of Area Net pee ty ti ofa -- t 1 Account t -- Government of Ontario, miscellaneous - - ' "the fail Government of Canada 67,751 79,517 Committee Elections, Tas ort "s Individuals - tuition fees - - : Collecting Z Other Revenue, excluding transfers from reserves 91,568 72,235 Pic (Heron Bay) 2 Total Recovery of Expenditure 166,897 151,752 Port Caldwell - ' s NET EXPENDITURE | 3,332,068 | 2,947,079 ee wil te pai : : : Financing Expenditure ; - TOTAL "10157 0158 0159 yee 1983 1982 : Nil Nil Nil Government of Ontario 1,651,824 1,463,561 General Legislative Grants Local Taxation reerious vote Saracen) Seep a 59 | ___ eee STATEMENT OF OUTLAY FOR PERFORMING DUTIES OF A pycieser yr inephic arched tte Liven : ER a MUNICIPAL COUNCIL IN TERRITORY WITHOUT MUNICIPAL Refund of taxes for reason of employees withdrawal of services or lockout - ORGANIZATION " Decrease (Increase) in reserves other FOR THE YEAR ENDED DECEMBER 31, 1983 than reserve for refund of taxes : - (15,000) (RECOVERABLE THROUGH LEVY ON ASSESSMENT IN THE APPLICABLE AREAS) Toot ee eaaion a Name of Area Net Expenditure of a| Expenditures on Account Total To be applied to the following year's taxation Recreation of Voters' Lists, Reserve for refund of taxes for . Committee Elections, Levying and reason of employees' withdrawal of services Collecting Taxes, Etc. or lockout G2 ee 2) 'Pic (Heron Bay) - 2 Net under (over) requisition (1,241) (1,928) Port Caldwell - : TOTAL FINANCING 3,332,058 2,947,079 Rossport - *1982 Over Requisition per 1982 : : Jacktish- : : 2 financial statements ; 1,828 a TOTAL 0157 0158 10159 ADjustments re 1982 \ . a grants (2,331) Adjusted 1982 under requisition pn Continued on page 11